PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Headlines
- Chinese May crude oil imports slip to 23.2 million tonnes; down 23.3% m/m & 10.9% y/y
- Iranian June crude oil exports to Asia rise 13% from a year ago to 1.17 mbpd
- Eurozone inflation stable in July at +0.2%; jobless rate unchanged in June at 11.1%
- German June retail sales in surprise 2.3% m/m fall although Jan-June period up 2.5%
Economy
European stock markets are ending a choppy month on a sour note following another downbeat performance on Chinese equities and the release of subdued macro data from the currency-bloc – the Eurofirst 300 is easing 0.2%. A preliminary estimate of eurozone inflation in July has held steady from June’s reading of +0.2% while the number of those out of work in the euro-area ticked marginally higher last month in what was the first monthly increase of the year. The unexpected 31,000 rise in jobless kept the zone’s unemployment unchanged at 11.1%, missing forecasts of a small dip to 11%, while there was a worrying uptick in Italy’s youth unemployment which reached a record peak of 44.2%.
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